Quibi said in a statement Wednesday it will close down the business and begin the process of selling off assets over the coming months. Advertisement“The world has changed dramatically since Quibi launched and our standalone business model is no longer viable,” Katzenberg said in the statement. Quibi shows featured celebrities such as Chrissy Teigen and Liam Hemsworth. The lack of interest among potential buyers was partly because Quibi licenses and does not own the content it puts on the app. Rival Eko has accused Quibi of lifting its intellectual property, a claim that Quibi says is baseless.

Source: Los Angeles Times October 21, 2020 21:16 UTC